Federal Regulation History

This is a CFPB proposed rule defining larger participants in the market of consumer reporting. The Dodd-Frank Act grants the CFPB authority to supervise certain nonbank covered persons for compliance with federal consumer financial law and for other purposes. This includes CFPB authority to supervise nonbank ‘‘larger participant[s]’’ of markets for certain consumer financial products or services, as the CFPB defines by rule. An initial rule to define such larger participants must be issued by July 21, 2012.

This is the CFPB’s Interim final rule with request for public comment for Regulation V on the FCRA, effective December 31, 2011.  The Dodd-Frank Act transferred rulemaking authority for the FCRA from the FRB, FDIC, FTC, NCUA, OCC, and OTS to the CFPB, and the CFPB  is publishing for public comment an interim final rule establishing a new Regulation V (Fair Credit Reporting). This interim final rule does not impose any new substantive obligations on persons subject to the existing FCRA regulations.